Pediatrix Acquires New Jersey Neonatal Practice
FORT LAUDERDALE, Fla., Oct 16, 2006 (BUSINESS WIRE) -- Pediatrix Medical Group, Inc. (NYSE: PDX) today announced the acquisition of Monmouth Neonatal Group, a physician group practice with four physicians and six advanced nurse practitioners based in Long Branch, New Jersey.
Combined historical patient volume for the practice includes more than 8,500 annual neonatal intensive care unit (NICU) patient days at Monmouth Medical Center's Level III NICU. The practice specializes in treating premature and low birthweight newborns, focusing on respiratory intensive care services.
"Giving premature babies the healthiest start possible is why we practice medicine and Pediatrix's infrastructure and commitment to improving patient outcomes will help us maintain that focus," said Carlos A. Alemany, M.D., Medical Director for the practice. "We are a rapidly expanding group and joining Pediatrix will provide increased clinical resources, access to peers and a platform to stay on the forefront of medicine."
Monmouth Medical Center was the first community hospital in New Jersey to establish a Level III NICU and its physicians are actively involved in the hospital's pediatric residency program. Physicians in the group are also part of an initiative designed to enhance the relationship between parents and healthcare providers through a model of care that provides educational support to infants' families.
Pediatrix paid cash for the practice and the transaction is expected to be accretive to earnings.
Pediatrix Medical Group, Inc. is the nation's leading provider of newborn, maternal-fetal and pediatric physician subspecialty services. Pediatrix physicians and advanced nurse practitioners are reshaping the delivery of maternal-fetal and newborn care by identifying best demonstrated processes and participating in clinical research to enhance patient outcomes and provide high-quality, cost-effective care. Founded in 1979, its neonatal physicians provide services at more than 240 NICUs, and through Obstetrix, its perinatal physicians provide services in many markets where Pediatrix's neonatal physicians practice. Combined, Pediatrix and its affiliated professional corporations employ more than 890 physicians in 32 states and Puerto Rico. Pediatrix is also the nation's largest provider of newborn hearing screens and newborn metabolic screening. Additional information is available at www.pediatrix.com.
Certain statements and information in this press release may be deemed to be "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. These statements are often characterized by terminology such as "believe", "hope", "may", "anticipate", "should", "intend", "plan", "will", "expect", "estimate", "project", "positioned", "strategy" and similar expressions, and are based on assumptions and assessments made by Pediatrix's management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and Pediatrix undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in Pediatrix's most recent Annual Report on Form 10-K, including the section entitled "Risk Factors". Additional factors include, but are not limited to, uncertainties related to: the time needed to complete an Audit Committee inquiry into historic stock option grant practices; whether or not the Audit Committee's inquiry would lead to the discovery of accounting errors or other adverse facts and possible regulatory action or litigation.
SOURCE: Pediatrix Medical Group, Inc.
Pediatrix Medical Group, Inc. Bob Kneeley, 954-384-0175, ext. 5300 firstname.lastname@example.org www.pediatrix.com